Hybridan Small Cap Feast - 08 April 2024

* A corporate client of Hybridan LLP ** Arranged by type of listing and date of announcement *** Alphabetically arranged **** Potential means Intention to Float (ITF) has been announced Dish of the day Admissions: European Green Transition (EGT.L) a developer of green economy assets in Europe which aims to capitalise on the opportunity created by the green energy transition has joined AIM with a successful placing and subscription at a price of 10p per share. The Company has raised approx. £6.46

Windar Photonics - £4.0m fundraise to exploit retrofit wind opportunity following major order

This morning, WPHO has announced the award of a major new contract with a North American customer worth ca. $US1.3m, representing a further step in building the group's presence and commercial leads in this key market for wind power. The contract win marks the company's third full wind farm deployment in North America, following on from a string of orders in recent months in China, with today's announcement bringing the total order book (inc. revenue delivering in the YTD) to €5.9m – already on

Hybridan Small Cap Feast - 22 Feb 24

22st February 2024 @HybridanLLP Status of this Note and Disclaimer This document has been issued to you by Hybridan LLP for information purposes only and should not be construed in any circumstances as an offer to sell or solicitation of any offer to buy any security or other financial instrument, nor shall it, or the fact of its distribution, form the basis of, or be relied upon in connection with, any contract relating to such action. This document has no regard for the specific investment obj

Windar Photonics - Software suite launch is gateway to further growth

We view this morning's announcement from WPHO heralding the launch of a new and innovative software platform as a further driver for growth, building on the momentum which we have been seeing from this company in recent months. The Nexus product represents a new level of support for the customer experience, given that clients using this product will see enhanced levels of connectivity, a key advantage for WPHO, which already boasts pioneering and measurably successful hardware and software. WP

Hybridan Small Cap Feast - 14 Feb 24

14th February 2024 @HybridanLLP Status of this Note and Disclaimer This document has been issued to you by Hybridan LLP for information purposes only and should not be construed in any circumstances as an offer to sell or solicitation of any offer to buy any security or other financial instrument, nor shall it, or the fact of its distribution, form the basis of, or be relied upon in connection with, any contract relating to such action. This document has no regard for the specific investment obj

Windar Photonics - Experienced CFO joins Board at key moment in scale up

We note the announcement from WPHO this morning reporting the appointment of Gavin Manson to the Board of Directors, where he will be particularly focused on advising and contributing to the company's finance function. Gavin Manson brings an extensive range of high-level experience in public and private market finance roles and is currently CFO of Carr's Group (LSE:CARR, mc: £117m). He was previously Chairman of Hostmore plc, CFO and COO of Electra Private Equity plc, and has held senior finance

Windar Photonics (WPHO) – Chinese contract win indicates ongoing momentum, US sales operation expands; well on track for strong growth in FY24E

This morning's news from WPHO fulfils the promise of the company's update in December when it outlined a significant Chinese contract win, but also its hopes / expectations of further order conversion, as announced this morning with two new confirmed orders. WPHO is a leading innovator in the wind turbine optimisation market whose products are able measurably to enhance the wind-generating efficiency of a turbine. The contracts announced this morning, amounting to €1.3m, takes visibility for

Widnar Photonics - Strong order book conversions lift FY24E; significantly increased visibility

This morning's update from WPHO reflects a year in which the company grew sales by 163% YoY and engineered a €1.6m EBITDA turnaround into profitability. Supply chain issues have caused a shift of a portion of our anticipated revenues into FY24E; however we now have significantly increased visibility for the coming year, with c.34% of our raised FY24E sales forecast covered by forward orders disclosed today, expected to grow to 47% in the near future. WPHO is a leading innovator in the wind turbi

Windaar Photonics - Inline H1 results, order book expands, capacity lifted and more to come

WPHO's H1-23A results this morning show a dramatic rise in revenues against a depressed comparator period and reveal that the order book for FY23 is now fully covered (+27% since the company last reported on June). The company is a leading innovator in the wind turbine optimisation market whose products are able measurably to enhance wind generating efficiency. WPHO has demonstrated excellent momentum in the current year, with a further €2.2m of revenues generated post-period end, on top of the

Windar Photonics plc - Wind in its sails – wind optimisation leader sees strong order book

Last week's FY results announcement from WPHO highlights a positive outlook for FY23E based on an order book which strengthened significantly during H2-22A, and which has continued its momentum since then, now offering as much as 78% CY revenue cover. The company is a pioneer in the field of wind turbine optimisation and a home of innovative IP. Our visit to its HQ in Taastrup, Copenhagen, highlighted the quality of its LiDAR product, which has been verified by major OEM's and also by Independ

Windar Photonics (WPHO) – Corporate – Full year results: outlook points to turning point in 2023

Windar, the developer and manufacturer of innovative wind turbine LIDAR sensors, has released full year results this morning for the year ended 31 December 2022, highlighting the company's greatly improved outlook heading into FY2023, whilst drawing a line under a prior year severely affected by widespread supply chain issues and the global pandemic. As previously flagged, production of the company's LIDAR units was held back by the lockdown of Windar's Chinese operations in H1 2022, as well as

Windar Photonics (WPHO) – Corporate – Major follow-on order and order book uplift

The announcement this morning that Windar, the developer and manufacturer of innovative wind turbine LIDAR sensors, has received a major new order from a Chinese customer reflects a continuation of the significant commercial progress the group has made over the past year. The order, which relates to the delivery of the group's WindVision LiDAR units in the second and third quarters of 2023, is reported to have a gross value of €0.87m and comes from an existing Chinese customer. Windar has also a

Hybridan Small Cap Feast 09/11/22

Dish of the day Joiners: Ithaca Energy (ITH.L) has joined the Premium Segment of the Main Market. Based on the offer price of 250 pence per ordinary share, the market capitalisation will be approximately £2.5bn. Ithaca Energy is one of the largest independent oil and gas companies in the UKCS. The Company will target a free float of at least 10% of its issued share capital and expects to be eligible for inclusion in the FTSE UK indices. OTAQ plc, (OTAQ.L) has joined the Access Segment of the AQS

Small Cap Feast: 07/06/21

While we were away: Joiners: The Artisanal Spirits Company (ART.L), the owner of The Scotch Malt Whisky Society, the provider of premium single cask Scotch malt whisky and other spirits for sale primarily online, announced to trading on AIM last week. The company raised £26m at £1.12. The Fundraising raised gross proceeds of £15m for the Company and £11m for certain selling shareholders. On IPO, the company had a market cap of approximately £77.96m. Between FY16 and FY19, revenues grew from £7

Windar Photonics - Termination of coverage

Edison Investment Research is terminating coverage on Abacus Health Products (ABCS), ADL Bionatur (BNT), ASIT Biotech (ASIT), GAME Digital (GMD), International Stem Cell Corporation (ISCO), Powerhouse Energy Group (PHE), Windar Photonics (WPHO). Please note you should no longer rely on any previous research or estimates for these companies. All forecasts should now be considered redundant. Previously published reports can still be accessed via our website.

Renold - Strong end to FY24: EPS up 11%. Robust FY25: EPS up 27.6%

The FY24 year-end update is very upbeat signalling trading being materially ahead of expectations, with a better-than-expected profit out turn and stronger cash generation. It continues to strengthen margins through efficiencies and investment in modern equipment. The order book remains close to record levels providing a robust view of future forecasts. In FY24E we upgrade EPS by 11% and in FY25E a significant upgrade of 27.6%. It looks capable of declaring a dividend in FY25 as well as manageme

Invinity Energy Systems - Update on Strategic Investment

Invinity’s update on discussions with strategic investors reveals interest from multiple parties. While this has slightly delayed finalising an agreement it increases the potential for a better outcome. Although details are unknown at this stage, we think there is enough in the statement to be comfortable that any agreements will be consistent with the company’s strategy of growing market share in core markets and using a licencing and royalty model in other markets.

PROGRESSIVE: Severfield: Targeted acquisition strategy aids growth path

Acquisitions have been an important element of Severfield management’s growth strategy, with the aim of adding new products, sectors and regions to what we have identified as exciting long-term organic opportunities. In this Spotlight report, we focus on the group’s targeted M&A approach, highlighting three significant deals.

Morning Note – 15 April 2024

FY results: strong cash flow

SP Angel . Morning View . Copper prices hold higher as China processing fees fall below $0/t amid low feedstock availability

Hardman & Co Insight: 2023 was an annus horribilis for Quoted UK Infrastructure and Renewable Energy

The focus of Hardman & Co Research is on the nine quoted Infrastructure Investment Companies (IICs) and on the 22 Renewable Energy Infrastructure Funds (REIFs): the stocks analysed are all members of the Association of Investment Companies (AIC). We are updating our publication of January 2023, assessing both the lacklustre share price performances during 2023 and the key issues, including interest rates, inflation and power prices. As a 31-strong group, its combined market capitalisation is no

Clean and competitive fertiliser

Norcros - FY24 trading in line with expectations

FY24 trading underpins Norcros’s compelling investment case, where its new product development initiatives, market positioning and self-help initiatives allow it to take market share in both the UK and South Africa. We believe that Norcros’s key strengths are underappreciated and that legacy issues have been resolved. Its rating is low at 5.6x FY24e P/E, which is attractive, especially when compared to its yield of 5.7% on its well-covered dividend. We retain our estimates and value the shares a

Norcros (NXR LN) - FY24 trading update

Norcros has provided a FY24 trading update for the year to 31 March 2024 showing revenue and profitability to be in line with expectations. Reported revenue of c. £390m is down 11.1% yoy but broadly in line with Zeus forecast of £395.5m.

PROGRESSIVE: SDI Group: H1 24 – well-placed for the post-Covid normal

SDI has indicated that a slowdown in the life science / biotech market, and some resultant destocking, is likely to impact its expected FY24 revenue, leading the group to moderate current year guidance for both revenue and adjusted EBITDA. SDI notes that FY24 represents a short-term phenomenon, due to the over-ordering of the past three years caused by inflated Covid demand. However, we remain confident for the long term, given the strength of SDI’s ‘buy and build’ business model, with a number

LIBERUM: SigmaRoc: Solid Q1 performance

Hybridan Small Cap Feast - 15 April 24

15th April 2024 * A corporate client of Hybridan LLP ** Arranged by type of listing and date of announcement *** Alphabetically arranged **** Potential means Intention to Float (ITF) has been announced Dish of the day Admissions: Delistings: What’s baking in the oven? ** Potential**** Initial Public Offerings: Reverse Takeovers: Change of Market: TheWorks (WRKS.L) a multi-channel value retailers of books, arts and crafts, stationery, toys and games, offering customers a differentiated propositio

SP Angel Morning View: Lithium carbonate prices rise in China as refiner sentiment improves

FY 2023 Results

Another Good Year of Diversified Growth with More to Come in 2024 Capital Limited released its full year results (YE Dec 2023) last week. Please find below our comments on the results and our updated block model. It should be noted first off we were taken aback by the immediate sell off in the shares given that 1) the results were in line generally if not ahead 2) the guidance for revenue this year was certainly above our expectations and 3) all the elements of the business model and investmen